Microsoft-owned job hiring platform, LinkedIn, has announced that it will cut 716 jobs and close down its China-focused job application platform InCareer, amid “fierce competition and a challenging macroeconomic climate."
This development which was announced by LinkedIn CEO, Ryan Roslanky in a blog post today is set to affect approximately 3.5% of LinkedIn's workforce of about 20,000 people.
The CEO noted that the job cut is part of the company's changes to the company Global Business Organization (GBO) and China strategy that will see the platform's China-focused app, InCareer, shuttered by August 9, 2023.
However, LinkedIn will still continue to have a presence in China to assist companies operating there to hire and train employees outside the country. This will involve maintaining its Talent, Marketing, and Learning businesses.
He added that the company will provide U.S. benefit-eligible employees with severance pay, continuing health coverage, and career transition services. While Benefits for employees outside the U.S. will align with the employment laws and local practices in each country.
The layoffs are not unique to LinkedIn, as several other technology companies including its parent company Microsoft have made job cuts due to challenging business conditions. Microsoft laid off around 10,000 employees earlier this year. Meanwhile, other tech giants including Amazon, Meta and Google have also fired thousands of employees.